This stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - features solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products. Growth in the financial sector, which now accounts for about 28% of GDP, has more than compensated for the decline in steel. Most banks are foreign owned and have extensive foreign dealings. Agriculture is based on small family-owned farms. The economy depends on foreign and cross-border workers for about 60% of its labor force. Although Luxembourg, like all EU members, suffered from the global economic slump in the early part of this decade, the country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks second in the world, after Qatar. After two years of strong economic growth in 2006-07, turmoil in the world financial markets will slow Luxembourg's economy in 2008, but growth will remain above the European average.